Friday, February 26, 2021

How an Investor Turned $130 into $130,000 in ETH within Three Days

An investor who purchased a Hashmask digital art at the rate of $130 about a week ago has resold it for more than $130,000, which is a relatively 100,000% profit.

According to the information on the website, Hashmasks is a “living digital art collectible” created by over seventy artists across the world, are a collection of 16,384 unique digital portraits.

Any investor that buys a specific Hashmask earns “Name Changing Tokens” (NCTs), which can be accrued and burnt to change the title of the artwork they purchased.

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Investor Earns Over 100,000% Profit

On Thursday 28th January 2021, an investor bought Hashmask #1, currently titled “Trump,” for 0.1 Ethereum worth about $130 at the time of purchase.

Afterward, the investor resold the artwork after three days on the rare items marketplace  OpenSea for 97.2307 ETH, worth around $130,000 at the time of the purchase, but worth $147,463 at the time of publishing.

The new buyer, “westcoastbill,” has been very active in the Hashmasks trade, already purchasing more than 30 of the unique portraits.

Hashmasks uses non-fungible tokens to verify their ownership. Each of the 16,384 Hashmasks also earns ten Name Changing Tokens a day. Investors who’ve accumulated 1,830 NCTs, which is about six months’ worth of daily earnings, can then burn them to change the on-chain name of the Hashmask they own.

Read Also: Bullish: Ethereum (ETH) Exchange Supply Ratio Hits Lowest Since 2018

After ten years, each piece of art will stop earning NCTs, meaning the supply will gradually decrease from that point until “the last NCT token is burnt and the art piece is complete.”

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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